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Home Prices Too High: "Bubble" Worries

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Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Where is Greenspan now that we need him? :lol: :lol: :lol:
 

mikegoff

Sophomore Member
Joined
Jan 28, 2002
Professional Status
Certified General Appraiser
State
Florida
I've been saying its overpriced for thirty years but I grew up there. For thirty years, the market has proven me wrong. Now eBay real estate says SW Fla is their #3 area for sales. Horror stories of customers buying property sight unseen. I was here for all the recessions/slow downs, marketing times went up but no reduction in price (except for duress sales). Will it slow down? Yes, sooner or later, real estate is cyclical. Will it stop? Na, too many people want to live or retire in Florida. Couldn't stop them if we established guards, land mines, barricades, etc. We are being pushed by the retirees from up north, latins from South America, Europeans, etc. If one group stops coming, they others will fill the gap. I believe this housing bubble thing really needs to figure in local conditions and experience. Keep in mind, the same thinking that brought us the highly accurate AVM is the same thinking that drives an economic prediction or warning. Don't get me wrong, number crunchers have a place, but a prediction based on numbers alone is like an AVM. Could be right, but most likely wrong. Yes, the Naples market is over heated. That is what is driving the markets in surrounding communities. Some people have to have the ego address, most (knowledgable) will search for most value. How many other markets that have been tagged as over priced, will still have the demand pressures and limited supply. Will the waterfront property decline? Not unless they start making more of it. The predicting economist with economy.com based his OPINION on a median price increase. I assume thats very expensive waterfront homes averaged in with trailers. Just my humble opinion.
 
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